The Sugar Company of Jamaica Holdings Limited, SCJ, is incurring significant expenses to relocate informal settlers for fiscal year 2019/2020.
This according to its Managing Director, Joseph Shoucair, in order to better utilize the lands under its portfolio.
Mr. Shoucair also told Parliament’s Public Administration and Appropriations Committee, PAAC, that the agencies stock of non performing and under performing leases threaten its viability.
North East St. Catherine MP, Leslie Campbell, questioned SCJ as to how it has spent nearly $300 million to relocate informal settlers.
Managing Director, Joseph Shoucair, told the committee, that they’re unable to gain any benefit from the lands until the occupants have been regularized.
SCJ Holdings is projecting to earn $600 million in gross income for the current fiscal year.
However, regular lease income only makes up about 16% of this total or just over $100 million dollars.
The managing director also told the committee that SCJ only sees a benefit from about a quarter of its current leasing arrangements.
Mr. Shoucair says this is not the way for the sugar company to survive.
However, MP Campbell noted that the company had some one billion dollars in receivables on the books from which the company could collect.
But, Mr. Shoucair corrected the MP.
He says at least half of those suggested receivables are fictitious due to poor management and faulty accounting.
The managing director says, of the remaining sum, several steps are being taken to regain what’s due to the company.